Shiba Inu price has been on a tear since Friday, generating 61% gains for investors. SHIB price is taking a breather today, providing bulls with the opportunity to add to their SHIB positions. A Fibonacci retracement from the all-time low reveals there is still 83% more gains in the uptrend, potentially targeting $0.00007364.
Traders who bought Shiba Inu price at $0.00002775 will have seen their positions return around 61% of profits. As Shiba Inu price takes a pit stop at around $0.00004465, new buyers and buyers who want to re-enter the trade have the option to at $0.00004000. SHIB price already broke that level twice before, but today is respecting as support, with bulls defending the level to keep the uptrend live.
For SHIB price monthly pivots do not seem to have played a part in the uptrend. Fibonacci retracements are another story, however, with the 50% Fibonacci level falling in line with $0.00003999, and both 61.8% and 78.6% also falling in line with crucial historical levels from May. Considering this, the next profit level is likely to be at the 38.2% Fibonacci level near $0.00004761 and ultimately $0.00007364, which means that entering today could offer 83% of gains in the future.
SHIB/USD daily chart
As mentioned, Shiba Inu price could start to fade as the current rally depends on many external tailwinds. Should one or all of these start to fade, expect a quick nose dive in the price action towards $0.00003153 as first real support. In the case that global markets completely shift to risk-off, expect cryptocurrencies to be the first to be ousted in the portfolio reshuffle and SHIB price to hit $$0.00002008.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Post a Comment